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cheap daytona condos: Frequently Asked Question: What if I Buy A Condo-Hotel? - 05/29/12 09:19 AM
What if I Buy A Condo-Hotel?
This is frequently asked question. While buyers have the general understanding of things when they are buying a condo, the hotel part confuses people a lot. These questions are real questins asked by real people. The questions below came today in two e-mails about oceanfront Fountain Beach Resort in Daytona Beach, a 149-room hotel converted to condo-hotel in 1998-1999.
- I see there is a maintenance fee of $350, but is that monthly?
Yes, this is monthly. And $350 a month for a condo-hotel unit is about average. Maintenance fee varies from … (30 comments)
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cheap daytona condos: Oceans Four Condominium in Daytona Beach Shores. May 2012 - 05/27/12 10:30 PM
Oceans Four Condominiums Oceans Four Condominiums, part of the Oceans Complex in Daytona Beach Shores, was built in 1980. A 20-story building, centrally located on this condo row in Daytona Beach Shores, and it is different from all other buildings in the complex.
In 1980, when it was completed, it was, obviously, the epitome of luxury. 114 units total, 6 units per floor and 3 elevators. Each elevator opens to only two units, it had more privacy than any other building an the Oceans. Besides privacy, the condo units in Oceans Four are bigger than in other Oceans built before Oceans Four. … (0 comments)
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cheap daytona condos: Frequently Asked Question: Why I Can’t Retire In My Condo-Hotel Unit? - 05/21/12 07:06 PM
- Why can't I retire in my condo-hotel unit? The simple answer is “because it is a condo-hotel”. If you see the word "Condo", please also note the word "Hotel". I am always tempted to ask why is the question in the first place. But I know the answer. It is because the price for condo-hotel units is so attractive. So, it is very tempting to start considering a condo-hotel unit as a place to retire. It is on the ocean, there is a pool, some other amenities. Plus even though Association Dues are relatively very high per sq. ft., but … (12 comments)
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cheap daytona condos: Going Once, Going Twice, Going Three Times... - 05/20/12 08:56 PM
The agent called me at 9:30 in the evening on Sunday, just couple of hours ago. She apologized for calling so late, but she said she desperately needed the exact Association Dues figure for the property that her buyer has under contract with my Seller. OK, I have my laptop with me, so it is not a problem. I gave her the amount. She called back in 5 minutes and asked for the exact amount of taxes. I delved into the Property Appraiser site and calculated the taxes based on the taxable value and knowing the millage rate.
She told … (35 comments)
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cheap daytona condos: Frequently Asked Question: Why I Can’t Just Bring A Cashier’s Check To Closing - 05/20/12 05:52 PM
We have a Closing for a condo-hotel studio on the beach scheduled for Thursday, and when I tell the Buyer that they would need to wire the money to the Closing Attorney, she said that she would bring a cashier’s check. And when I tell her that she would have to wire money, she is asking me why can’t she simply bring the cashier’s check? Actually you can bring a Cashier’s check, but if you choose so, you would need to do it a few days before the Closing day, so that the Closing agent can deposit the check and make … (10 comments)
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cheap daytona condos: Hawaiian Inn in Daytona Beach Shores. May 2012 - 05/15/12 03:14 PM
In the last 5 years the resort went through difficult time. It was originally built in 1965, and then the 5th floor was added in 1974. The Association tried to keep up with preventive maintenance, and as a result the Maintenance fee in the resort was usually higher than in other condo-hotels, but the age is something you can't fight.
The time came when they needed to do major concrete restoration, consisting of replacement of balconies and partial replacement of concrete in walkways.
It came at a time when the values were on decline, which made it very difficult for … (5 comments)
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cheap daytona condos: Life of a Condo-Hotel or Things Happen - 05/13/12 11:58 PM
A few weeks ago all owners in Oceanside Inn, a premium condo-hotel in Daytona Beach Shores, have received a letter that the Association was very excited to announce that they have decided to replace the second level of the garage at a tune of $250,000. This was not the best news for the owners, I guess they were less than excited, but Special Assessments are part of condo-hotel and condo living, and there is nothing really unusual in having them time to time. Owners knew the garage was in need of repairs, and turned out maintaining it was so costly, that … (4 comments)
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cheap daytona condos: Treacherous Word “Market” - 05/03/12 10:15 PM
Treacherous Word “Market” It is such a beaten word that we all feel that we know what it means. In economic terms “Market” means “the coming together of a buyer and seller” So, if the Seller sells the property for certain amount and the buyer buys this property for this amount, it is a fair market. This would be true when we talk about big numbers, like regional market. For local markets it may not be always the case. Circumstances can play a big role. Take the latest twist in condo-hotel market in Daytona. Someone working for American Auction Network came … (24 comments)
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cheap daytona condos: How To Pay More or The Lure of the Auction - 05/01/12 11:13 PM
- Why do I need you when I can buy at an auction?
Ever heard it before? And it comes from someone, who calls an agent (me) to ask about the property, which he is planning to bid for. Funny, isn’t it? The latest hype in Daytona is that inexpensive condo-hotels are now on the Auction channel on TV. How they got the inventory? They are buying the least expensive units. I have 7 condo-hotel units under contract with them, and plus several where my Sellers have countered and the auction network is still thinking. Other agents are doing the same, … (24 comments)
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cheap daytona condos: Is It Really Busy? - 05/01/12 07:06 AM
And the answer is astounding “Yes”. I know it because customers tell me this. Well, not exactly. But lately I got several customers complaining that they contacted the agent and asked information about condo-hotels, and never heard back. - It seems that if you are looking to buy a property for less than $200K, the agents do not want to deal with you – complained Leslie from Illinois. So, yes, it is darn busy if agents do not want to deal with small stuff. A year ago I had agents from Orlando willing to drive an hour for a $35K condo-hotel. … (12 comments)
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cheap daytona condos: Harbour Beach Resort in Daytona Beach. April 2012 - 04/29/12 10:05 PM
Harbor Beach Resort in Daytona Beach. April 2012
Harbor Beach Resort is an 8-story condo-hotel located at 701 S Atlantic Ave south of Sun Splash Park. Built in 1975, this 164-room resort was recently renovated. Extensive concrete restoration (replacement of all balconies), plus installation of new windows and sliding doors, repavement of pool deck and some other important items have been taken care of. It is a beautiful building, and I remember that several years ago we considered it a very good condo-hotel, but since there were changes, that made us be cautious about this resort and in general we do … (2 comments)
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cheap daytona condos: Happy New Owners in Pendleton Condominiums in Daytona Beach - 04/15/12 11:52 PM
This couple from New Jersey called me and said they were looking for a condo in the area. What I did not understand was that they were leaving next day, and they seriously expected to find something they like.
They have attempted to buy a condo in Daytona in their previous visit, but something did not work there. They did not want to elaborate, and I was not pushing.
They had pretty poor knowledge of the Beachside, and all I knew was that they were looking for a second/vacation property and that their ceiling was about $150K.
I took them to … (12 comments)
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cheap daytona condos: Oceans Grand. Daytona Beach Shores. Market Snapshot - 04/01/12 11:20 PM
Built in 2006 in Daytona Beach Shores, Oceans Grand is the last high-rise building in the Oceans complex. The city is now limiting the height to 120’, and, of course, they are proud with this far from wise decision. But who said that government is supposed to be wise?
There are 189 units in 21-story Oceans Grand (no 13th floor). It is a triangular building with rounded corners. Each corner is a three-bedroom unit. 3rd floor and up has 7 two-bedroom / 2 baths units plus den, and 3 corner Three Bedroom/three baths units. First and second floor has only 3 units each. Ground … (0 comments)
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cheap daytona condos: A Deal Is A Deal. Oceanside Inn. Foreclosure Unit. Only $47,900 - 03/27/12 09:33 PM
I received a call earlier today from an agent who sells foreclosures. He told me that tomorrow he is putting on MLS a listing on a double unit in Oceanside Inn in Daytona Beach Shores. He always calls me when he gets the notice from the Bank, because I sell more condo-hotels in Oceanside than everybody else combined.
This is a double unit on the south side, good view of the pool and the ocean, and exceptional price of $47,900. Look at the list of units in Oceanside Inn. The lowest priced double room on the south side is unit 803 and it is … (13 comments)
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cheap daytona condos: I Am Not Going to Buy Now, I Am Curious for Later - 03/25/12 07:58 AM
I am not going to buy now, I am curious for later...
I hear it every day. I understand that people are curious about the Daytona market. I am also curious, but I do not have cash to put my curiousity to work.
But you say that you will come back in few months. So, you can buy today, but you choose to buy later?
Let me get it straight. You are asking about the view of the ocean, but you are not going to look at it now, you plan to come in 12 hours.
Well, now, at 3 PM … (12 comments)
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cheap daytona condos: Is Jail A Great Place for Retirement? - 03/19/12 12:19 PM
"I am Looking for a Condo-Hotel in Daytona..."
I get these calls and e-mails every day. My first question is always about the way the Buyers plan to use it.
Are they seeing it as their future retirement place? Are they going to spend just a few weeks during the year, or they would stay longer periods of time, like 6 months or more...
It always surprises them. Because they tend to see two things only: price and location.
Sure, it is tempting. Under $50K, and right on the beach.
Why I am not living in a condo-hotel myself, if … (12 comments)
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cheap daytona condos: Oceanside Inn. Life Means Change... - 03/11/12 01:06 PM
I have posted about Oceanside Inn, a premium condo-hotel in Daytona Beach Shores, on March 9, just 2 days ago. At this moment I knew about a big change for Oceanside Inn, but did not know the details, and, what is even more important, what it means for the owners of condo-hotel units in Oceanside Inn.
Several months ago Integra Resorts, owner of commercial units in Oceanside Inn, and who were running the Front Desk operations, have sold their Orlando holdings to Wyndham Resorts.
Wyndham did not want to include Oceanside Inn in the purchase. They tried to sell on their … (12 comments)
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cheap daytona condos: Oceanside Inn. Market Snapshot, March 2012 - 03/09/12 02:30 PM
Oceanside Inn. 1909 South Atlantic Ave., Daytona Beach Shores, FL 32118
Oceanside Inn in Daytona Beach Shores is on my list of preferred condo-hotels in Daytona Beach area. You run into people here who are genuinely nice and – a big plus - professional. In my opinion this is one of the best conversions from a old rundown hotel to a decent condo-hotel.
The company, that runs the Front Desk, owns the first floor commercial space and has vested interest in the success of operations (unless they decide to sell their interest). This is supposed to add stability to the longevity of the … (2 comments)
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cheap daytona condos: Pendleton Club Condominium. Daytona Beach. March 2012 - 03/04/12 09:31 AM
To my surprise, I noticed that nobody have posted about The Pendleton Condominium in Daytona Beach yet. And it deserves mentioning, so, I am correcting it here...
The Pendleton Condominium (in condo docs - Pendleton Club) is one of the oldest condo buildings in Daytona Beach. It was built in 1963. Somebody may cringe and want to click away, but don't rush. This is one of the best built condo buildings in the whole Volusia county. It is sturdy enough to handle the strongest Cat 5 Hurricane (which, luckily, we never had).
It was built using poured in place concrete method. And it is … (4 comments)
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cheap daytona condos: Hawaiian Inn Resort. Market Snapshot. Daytona Beach Shores. March 2012 - 02/29/12 12:59 PM
Hawaiian Inn Resort. Market Snapshot. Daytona Beach Shores. March 2012
Hawaiian Inn Resort is a popular resort in Daytona Beach Shores. It has been converted to condo-hotel a decade ago and since then enjoyed popularity among both owners and guests.
The resort has undergone massive renovation in the last 3 years. Concrete restoration has been completed. The sliding doors, which were not included in the Assessment and were the responsibility of owner, have been installed, and it is a fully functional condo-hotel at this time.
Maintenance fee is for now same $450 a month. It can be changed after … (4 comments)
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Jon Zolsky, your Daytona Beach, Florida connection
Daytona Beach,
FL
More about me…
Jon Zolsky, Daytona Beach, FL. FunCoast Realty, 386-405-4408
Address: 313 S Atlantic Ave., Suite A, Daytona Beach, FL, 32118
Office Phone: (386) 255-5355
Cell Phone: (386) 405-4408
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